Speaking at the dinner attended by veterans of the Coral Sea battle and Australia-born media mogul Rupert Murdoch, the Prime Minister reflected on how extensive losses in battle secured "victory for America, Australia and our allies".

"Over 600 American and Australian sailors and airmen died to secure that victory," he said.

"Our nation's freedom was secured by the bravery of the men on those ships and the pilots who flew through everything, the enemy and the weather could throw in their way.

"As we reflect on the Battle of the Coral Sea, we are reminded of how the stability and prosperity of our region over so many decades has been secured and is secure today by the United States."

Mr Trump was introduced to the gala dinner by Mr Murdoch, who described the US President as his "dear friend".

The President said he was "profoundly grateful" for Australia's military contributions in the Middle East.

"Our two nations were born as the rebellious children of the same parent," Mr Trump said.

"With love for our two nations, with pride in our shared history and faith in almighty God, we renew our old friendship and pledge our lasting partnership in the search for prosperity and ever lasting peace."